There is no limit on the number of directors that a company may appoint.

However, all directors must be at least 18 years old. He/ she must not have been bankrupt or convicted of any malpractice in the past.

Foreigners registering a foreign company in Singapore need to make the director and shareholder records accessible to the public. They will also need to have an Employment Pass if they plan to operate the company locally.

If they do not plan to live in Singapore to run the company, a local director is required for the latter.

If you don’t have a local director, Paul Hype Page and Co can nominate a local resident director.

Paid-up Capital

The minimum capital is SG$1.

Company Secretary

In accordance with the Singapore Companies Act, every company must appoint a qualified company secretary within 6 months of incorporation. The company secretary must be a natural person who is ordinarily resident in Singapore.

Valid Address

The registered business address must be a physical address (commercial or residential) and must not be a P.O. box.

For company incorporation in Singapore, you will need to show the following:

The Company Name

Shareholders Details

Registered Address

Directors’ Details

Company Secretary Details

Nature of the Business and Activities

Memorandum and Articles of Association

Company Registration Procedure

Step 1: Reserve Your Company Name

The Company Registrar will oversee the process and notify you of the decision instantly. To expedite the name approval, make sure that the intended name:

Is not identical orsimilar toany existing local company names

Does not infringe upon any trademarks

Is not obscene or vulgar

Is not already reserved

Step 2: Register Your Company

Once the name has been approved, the Company Registrar will process your incorporation application and documents. This usually takes 3 hours, unless there are any unforeseen error in the verification process.

Step 3: Open a Corporate Bank Account

The company bank account opening can be done at any local bank.

Issue that might Occur During Bank Account Registration

Singapore is home to over 128 commercial banks and 31 merchant banks. As the primary hub for wealth management and investments in Asia, it is easy for businesses to have access to private as well as commercial banking services to fund their expansion at low-interest rates.

However, there will be some unwritten rule that will eventually take place when you are about to open a corporate account.

Most corporate service provider won’t advise you on this, however, we believe it is our legal obligation to educate you and aid you in the matter.

Problem #1: It is much easier for a local resident to open a bank account

This is because banks like DBS and OCBC now has the option to open a personal account even without being present in the bank. However, this is not viable if you are to open a corporate account, and if you are a foreigner who wants to open a personal bank account.

Problem #2: The stringent rules and documents required to open a corporate account

Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.

Problem #3: Delay and rejection in account opening

These usually happen when there are insufficient documents presented to the bank. With the worldwide scandal of 1MDB, the Monetary Authority of Singapore (MAS) served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.

These are serious offenses in Singapore. That being said, as a Corporate Service Provider governed under ACRA, MOM and MAS, Paul Hype Page & Co will do all we can to avoid these delicate situations to serve you and all our clients better.

Solution Paul Hype Page & Co will offer

We are the best when it comes to solutions. In the situations mentioned above, we will use our patent pending ibizfilesystem, whereby we will conduct the necessary Know Your Customer (KYC) and Anti Money Laundering (AML) search for our clients.

This is a state-of-the-art platform whereby we conduct a search on your name and upon completion, we can also provide the banks with the results we have obtained.

As it is a trusted system, this will allow the bank to expedite the account opening process. We have also entrusted a few Singaporean banks to be our incorporation partners, therefore the problems of opening a corporate bank account can be avoided.

Online Registration: The Convenience of iBizFile

Set-up a Private Limited Company quickly and efficiently with our online iBizFile system. It’s 100% confidential and easy to use.

Step 1: Log on to iBizFile.com and follow the on-screen instructions to fill up your incorporation information.

Step 2: Our Corporate Specialist (CS) will reserve your company name on the BizFile+ web portal.